Transamerica accused of overcharging customers

NEW YORK (MarketWatch) -- Transamerica Financial Advisors has been charged with overcharging its clients, the Securities and Exchange Commission announced on Thursday. The St. Petersburg, Fla.-based financial services firm is accused of having conflicting policies and procedures when passing on discounts to clients, which resulted in overcharging certain clients. The discovery was made during SEC examinations and a subsequent investigation. Transamerica has agreed to settle the charges for more than $1 million. "The securities laws require investment advisers to charge advisory fees consistent with their own disclosures and stated policies so investors get what they bargained for," said Eric I. Bustillo, director of the SEC's Miami Regional Office. "Transamerica failed to take appropriate remedial steps even after SEC examiners had flagged the problem."

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